Ramping up European Defence: 'No space and place for complacency'
EU leaders are working towards enhancing joint financing in defence, with a proposed investment of €500 billion over the next decade. As discussions unfold, the urgency to bolster defence capabilities and readiness is emphasized by leaders such as Latvian Defence Minister Andris Spruds.
Deterring Russian Aggression
Spruds highlights the need for immediate investments to counter the aggressive stance of Russia, labeling it as an existential threat. He emphasizes the importance of readiness, asserting that Europe must remain resilient and continuously strengthen its defence mechanisms.
Building Defence Capabilities
Recognizing the need to expand the EU's defence industry base, Spruds calls for a proactive approach in building up defence capabilities. As EU leaders prepare to convene in June, measures to boost joint defence spending are on the agenda.
Proposed Initiatives
European Commission's White Paper on Defence outlines viable options for enhancing financing and capabilities. Ursula von der Leyen's proposal to activate the escape clause in fiscal rules aims to amplify defence expenditure, pending approval from member states.
Other avenues under consideration include expanding the European Investment Bank's mandate, loosening ESG rules for increased private investments, and exploring the issuance of Eurobonds for joint defence projects.
Focus Areas for Investment
Spruds advocates for utilizing joint EU funding to enhance air defence and procure essential supplies like ammunition. Emphasizing the importance of innovation in defence, he envisions narrowing the funding gap with the US, particularly in drone capabilities.
Driving Innovation in Defence
Latvia, alongside the UK, spearheads a drone coalition aimed at bolstering capabilities and supporting Ukraine. The focus lies on advancing drone technology across different terrains to safeguard critical infrastructure efficiently.
Looking Ahead
As the push for innovation and collaboration in defence gains momentum, upcoming events like the drone summit hosted by Latvia on 28 May signify a step forward in strengthening European defence capabilities.
